Platinum Equity to acquire a majority stake in SVP Worldwide from Ares Capital.

Platinum Equity, a private equity firm, agreed to acquire a majority stake in SVP Worldwide, a consumer sewing machine company, from Ares Capital, a business development company. The transaction is expected to be completed during the third quarter of 2021. Financial terms were not disclosed. "The company has made impressive strides recently by investing in technology and product development, and is on the cusp of a new stage of growth fueled by innovation and continued operational transformation. Carl-Martin, Stan and the entire SVP Worldwide team have done an excellent job refocusing the business and setting the stage for the next chapter. We fully support the investments they've made and we will bring additional financial and operational resources to bear to help accelerate their efforts," Jason Price, Platinum Equity Managing Director.